UBS Group AG’s global wealth chief Iqbal Khan is back in Asia — this time to rally his enlarged workforce to gun for new assets as the firm targets the region for growth following its takeover of Credit Suisse.
(Bloomberg) — UBS Group AG’s global wealth chief Iqbal Khan is back in Asia — this time to rally his enlarged workforce to gun for new assets as the firm targets the region for growth following its takeover of Credit Suisse.
In at least his third visit to Asia in four months, Khan this week hosted evening receptions for hundreds of Credit Suisse and UBS wealth staff at the Hong Kong Convention and Exhibition Centre on Tuesday, and Sands Expo and Convention Centre in Singapore on Thursday, according to people familiar with the matter. The events were ostensibly to celebrate the two firms coming together, but the underlying message was clear.
In Singapore, Khan got up front to tell bankers they need to focus on three letters: “NNM,” an acronym for net new money, according to the people, asking not to be named as the event was private. Arriving staff were greeted by a “Power of Two” display showing two people rowing a canoe in harmony, and entertained by a live band and game booths. In Hong Kong, Khan had the same message, namely that bringing in net new money is the main focus, the people said.
On stage in Singapore, top executives from the two firms put their arms around one another as they posed for pictures. Khan was flanked by the co-heads of UBS’ wealth business in Asia Pacific, Amy Lo and Jin Yee Young, a star wealth banker that he poached back from Deutsche Bank AG in one of the more dramatic twists in this takeover.
A spokesman for UBS declined to comment.
The Swiss bank also unveiled its Asia leadership team after the Singapore event. In a memo seen by Bloomberg News, Lo and Young called the combined firms “a huge opportunity.” Here are some of the main details for the global wealth management business:
From UBS
- Marina Lui, head of China
- Adeline Chien, head of Hong Kong and Southeast Asia Hong Kong
- Patricia Quek, head of Singapore and Malaysia
From Credit Suisse:
- Rickie Chan, head of Greater China business in Hong Kong
- Keng Cheong Lock, head of Greater China business in Singapore
UBS confirmed the appointments.
Asia Focus
UBS plans to retain a few hundred Credit Suisse private bankers in the Asia-Pacific region, bringing its total to more than 1,200 in one of the few areas spared from deep cuts following the takeover, Bloomberg reported last month.
The move is being driven by Khan, who is betting Asia will continue to generate lucrative fees even as Credit Suisse suffers sharp asset outflows from clients in other regions. With the addition of Credit Suisse bankers, UBS will have more relationship managers in Asia than its closest rivals DBS Group Holdings Ltd. and HSBC Holdings Plc combined.
Even before the merger officially closed last month, UBS and Credit Suisse offered a rare incentive for wealth bankers in Asia to bring in fresh cash. Staff at both firms will receive commissions of 15 basis points, or 15 cents for each $100 in new client money they bring in, Bloomberg previously reported.
Read more: Credit Suisse’s Fund Outflows Continue With $6 Billion Pulled
In Asia, UBS faces competition from rivals that are ramping up their wealth arms such as HSBC and Citigroup Inc. as well as regional banks including DBS of Singapore.
–With assistance from Joyce Koh.
(Adds details from Singapore event in fourth paragraph; Asia leadership line-up from sixth paragraph)
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